EX-12.1 2 bkq4201310-kex121.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK D BK Q4 2013 10-K EX12.1


Exhibit 12.1




COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

The Bank of New York Mellon Corporation

 
 
Year ended Dec. 31,
 
(dollar amounts in millions)
 
2013

2012

2011

2010

2009

 
Earnings
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
3,712

$
3,302

$
3,617

$
3,694

$
(2,208
)
 
Net (income) attributable to noncontrolling interests
 
(81
)
(78
)
(53
)
(63
)
(1
)
 
Income (loss) from continuing operations before income taxes attributable to shareholders of The Bank of New York Mellon Corporation
 
3,631

3,224

3,564

3,631

(2,209
)
 
Fixed charges, excluding interest on deposits
 
349

484

480

519

530

 
Income (loss) from continuing operations before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation
 
3,980

3,708

4,044

4,150

(1,679
)
 
Interest on deposits
 
105

154

241

131

172

 
Income (loss) from continuing operations before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation
 
$
4,085

$
3,862

$
4,285

$
4,281

$
(1,507
)
 
Fixed charges
 
 
 
 
 
 
 
Interest expense, excluding interest on deposits
 
$
238

$
380

$
363

$
414

$
421

 
One-third net rental expense (a)
 
111

104

117

105

109

 
Total fixed charges, excluding interest on deposits
 
349

484

480

519

530

 
Interest on deposits
 
105

154

241

131

172

 
Total fixed charges, including interests on deposits
 
$
454

$
638

$
721

$
650

$
702

 
Preferred stock dividends
 
$
64

$
18

$
—

$
—

$
87

 
Total fixed charges and preferred stock dividends, excluding interest on deposits
 
$
413

$
502

$
480

$
519

$
617

 
Total fixed charges and preferred stock dividends, including interest on deposits
 
$
518

$
656

$
721

$
650

$
789

 
 
 
 
 
 
 
 
 
Earnings to fixed charges ratios
 
 
 
 
 
 
 
Excluding interest on deposits
 
11.40

7.66

8.43

8.00

(3.17
)
(c)
Including interest on deposits
 
9.00

6.05

5.94

6.59

(2.15
)
(c)
 
 
 
 
 
 
 
 
Earnings to fixed charges and preferred stock dividends ratios (b)
 
 
 
 
 
 
 
Excluding interest on deposits
 
9.64

7.39

8.43

8.00

(2.72
)
(c)
Including interest on deposits
 
7.89

5.89

5.94

6.59

(1.91
)
(c)
(a)    The proportion deemed representative of the interest factor.
(b)
Dividends were paid in 2013 and 2012 on the Series A and Series C preferred stock, which were issued in 2012. Dividends paid in 2013 also include the Series D preferred stock, which was issued in 2013. Dividends were paid in 2009 on the Series B preferred stock, which was issued in 2008 and repurchased in 2009.
(c)    Earnings were insufficient to cover fixed charges by $2,209 million.